Great wealth often is accompanied by great complexity. For any family with close to $100 million or more in assets, managing them can be a full-time job. The sudden increase in the population of ultra-wealthy families, resulted in the increase of the need for family offices. Establishing a family office gives the ultra-wealthy greater oversight over their wealth, more privacy and access to customised services to suit their specific needs.
What do single-family offices do?
There is no template for how family offices carry out the services that a wealthy family needs, but single family offices typically fall into 5 categories and sometimes overlap.
- Coordination Office. These types of family offices are lightly staffed with between 1 to 3 employees filling positions such as administrative assistant, former finance or legal employee of the family-run business. This type of office often handles less immediate administrative matters like providing concierge services for the family and coordinating outside advisors.
- Within the Family Business. In this set up, employees who work for the family-owned business, spend part of their time catering to family office services. These are often employees in the finance department, and they typically focus on administrative matters, trustee services, tax, and estate planning, as well as managing outside advisors. In this structure, an outside provider usually handles investment management.
For More Information : Best Family Office Service
Cevalon GmbH 